Refinance To Consolidate Your Debt
Get a cash-out refinance
A cash-out refinance can mean money in your pocket to help make home improvements, consolidate existing debt, buy a new car, pay college tuition or finance other goals.
With this kind of refinancing, you will pay off your current mortgage loan and take out a new mortgage at a higher amount. You will need to have adequate equity in your home to make this possible.
Example: Your home is appraised at $175,000 and you have $108,000 and 25 years remaining on a 30-year fixed-rate mortgage. You want to get $24,000 cash out of your refinance to pay off credit card debt and put a downpayment on a new car.
|Rate||Term||Monthly P&I Payment||Cash out|
|5.25%||25 years remaining on 30-year fixed||$673||N/A|
NOTE: You may also want to consider a TD Bank Home Equity Loan or Line of Credit, which feature lower closing costs than mortgages and allow you to get the cash you need from your home's equity.
Mortgage Refinancing Tools, Education and Resources
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